How to use the Redeemer

Use the Redeemer to exit your Earn position 1:1 for USD stable coins by waiting for repayments and fees from Mortgage borrowers

Navigate to the Dashboard

(i) Select the Earn position you wish to redeem for stable coins (example USDC-cbBTC vault) and click the Redeem Earn Tokens button

Firstly enter the redeemer contract by burning you Earn tokens. Once you’ve burned your Earn tokens to enter the redeemer you will cease to earn yield

(i) Enter the amount of Earn tokens you would like to redeem into the input box

(ii) Click the Enter queue button

This will enter you into the redeemer queue and issue with an IOU balance. Any additional tokens you burn after will add to your IOU balance.As mortgage repayments and fees enter the vault the amount of IOUs available to convert will increase

(iii) Check how many stable coins are available to convert (example USDT)

(iv) Enter the amount of IOUs you would like to convert (ensure there are enough available indicated at (iii))

(v) Click the Convert to USDT button

The amount of stable coins you converted from your IOU balance will be sent to your wallet